notice 06/2006

NOTICE 06/2006
Rules for Determining Electricity
Indexes
17.December.2013
OMIP Notice 06/2006
Rules for Determining Electricity Indexes
Versions Index
30.June.2006
Initial Version
18.November.2008
Registration with The Portuguese Securities Market Commission (CMVM) on October 30th, 2008 as a MIBEL
Derivatives Market Rule as a EU Regulated Market according to Directive 2004/39/EC of the European
Parliament and of the Council of 21 April 2004 on markets in financial instruments (MiFID)
17.December.2013
Included the IFTR E-P and IFTR P-E indexes
DISCLAIMER
The English language text below is not an official translation and is provided for information purposes only. The
original text of this document is in the Portuguese language (available in www.omip.eu ) and it was registered by
the Portuguese Securities Market Commission (Comissão do Mercado de Valores Mobiliários). In the event of
any discrepancies between the English translation and the Portuguese original, the Portuguese original shall
prevail. Whilst every effort has been made to provide an accurate translation we are not liable for the proper and
complete translation of the Portuguese original and we do not accept any liability for the use of, or reliance on, the
English translation or for any errors or misunderstandings that may derive from the translation.
This document is available in www.omip.eu
© Copyright/Direitos de Autor 2013
OMIP – Pólo Português, S.G.M.R., S.A.
OMIP Notice 06/2006
Rules for Determining Electricity Indexes
OMIP approves this Notice which sets the rules for determining electricity indexes.
General Definitions
1. For each calendar day, OMIP calculates and publish the following indexes:

SPEL Base

PTEL Base

SPEL Peak

PTEL Peak

IFTR E-P Base

IFTR P-E Base
2. The indexes listed in the previous paragraph are calculated based on hour marginal prices formed
on the daily market of the Spot Market managed by OMIE, to the Spanish and Portuguese zones
of MIBEL, respectively:
 Hour marginal price of the Spanish system

Hour marginal price of the Portuguese system
3. The time references included in this Notice refer to the official Spanish time, hereinafter referred to
as HOES.
SPEL Index Calculation Methodology
4. For each calendar day, the “SPEL Base” index corresponds to the arithmetic mean of hour
marginal prices of the Spanish system for the 24 (23 or 25) hours of a day (HOES), rounded two
decimals. The respective calculation formula is the following:
n
SPEL Base Index 
 SMPe
i
i 1
n
Considering that:
n = number of hours on a calendar day (24 hours, except on the last Sundays of
March – 23 hours and October – 25 hours);
i = corresponds to each hour (HOES) of a calendar day for which the SPEL Base
index is being calculated;
i
SMP (e) = hour marginal price of the Spanish system for the hour i, defined in € per
MWh with two decimals.
1
5. For each week day – Monday to Friday - the “SPEL Peak” index corresponds to the arithmetic
mean of hour marginal prices of the Spanish system, for the period comprised between 8:00 and
20:00 (HOES), and rounded to two decimals. The respective calculation formula is the following:
1
This includes public holidays, from Monday to Friday.
OMIP Notice 06/2006
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n
SPEL Peak Index 
 SMPe
j
j1
n
Considering that:
n = number of “peak” hours on a business day (period comprised between 8:00 and
20:00 (HOES), equivalent to 12 hours);
j = corresponds to each “peak” hour (HOES) for the day the SPEL Peak index is being
calculated;
j
SMP(e) = hour marginal price of the Spanish system for the hour j, defined in € per
MWh with two decimals.
PTEL Index Calculation Methodology
6. For each calendar day, the “PTEL Base” index corresponds to the arithmetic mean of hour
marginal prices of the Portuguese system, for the 24 (23 or 25) hours of a day (HOES), rounded to
two decimals, and with the following calculation formula:
n
PTEL Base Index 
 SMPp
i
i 1
n
Considering that:
n = number of hours on a calendar day (24, except on the last Sundays of March - 23
and October - 25);
i = corresponds to each hour (HOES) of a calendar day for which the PTEL Base
index is being calculated;
i
SMP(p) = hour marginal price of the Portuguese system for the hour i, defined in € per
MWh with two decimals
2
7. For each week day – Monday to Friday - the “PTEL Peak” index corresponds to the arithmetic
mean of hour marginal prices of the Portuguese system, for the period comprised between 8:00
and 20:00 (HOES), and rounded to two decimals. The respective calculation formula is the
following:
n
PTEL Peak Index 
 SMPp
j
j1
n
Considering that:
n = number of “peak” hours on a business day (period comprised between 8:00 and
20:00 (HOES), equivalent to 12 hours);
2
This includes public holidays, from Monday to Friday.
OMIP Notice 06/2006
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j = corresponds to each “peak” hour (HOES) of the calendar day, for which the PTEL
Peak index is being calculated;
j
SMP(p) = hour marginal price of the Portuguese system for the hour j, defined in € per
MWh with two decimals.
IFTR Indexes Calculation Methodology
8.
For each calendar day, the "IFTR E-P" index corresponds to the arithmetic mean of the
differences, if positive, between the hour marginal prices of the Spanish system and the hour
marginal price of the Portuguese system, for 24 (23 or 25) hours of the day (HOES), rounded to
two decimals, and with the following calculation formula:
n
IFTR E  P Base Index 
 max(( SMPe
i
 SMP p  );0)
i
i 1
n
Considering that:
n = number of hours on a calendar day (24, except on the last Sundays of March - 23
and October - 25);
i = corresponds to each hour (HOES) of a calendar day for which the PTEL Base
index is being calculated;
i
SMP(e) = hour marginal price of the Spanish system for the hour i, defined in € per
MWh with two decimals.
i
SMP(p) = hour marginal price of the Portuguese system for the hour i, defined in € per
MWh with two decimals.
9.
For each calendar day, the "IFTR P-E" index corresponds to the arithmetic mean of the
differences, if positive, between the hour marginal prices of the Portuguese system and the hour
marginal price of the Spanish system, for 24 (23 or 25) hours of the day (HOES), rounded to two
decimals, and with the following calculation formula:
n
IFTR P  E Base Index 
 max(( SMP p 
j
 ( SMPe );0)
j
j 1
n
Considering that:
n = number of hours on a calendar day (24, except on the last Sundays of March - 23
and October - 25);
j = corresponds to each hour (HOES) of the calendar day, for which the PTEL Base
index is being calculated;
j
SMP(p) = hour marginal price of the Portuguese system for the hour j, defined in € per
MWh with two decimals.
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j
SMP(e) = hour marginal price of the Spanish system for the hour j, defined in € per
MWh with two decimals.
10. In case that, due to exceptional circumstances, OMIE does not disseminate any of the relevant
hour marginal prices for determining the indexes as mentioned in the preceding numbers, OMIP
adopts approximate values of the missing hour marginal prices, based on:
a)
Interpolation of hour marginal prices formed for another hours of the same session on the
daily market managed by OMIE;
b)
Extrapolation of hour marginal prices formed in preceding days on the daily market managed
by OMIE;
c)
Using hour marginal prices formed on the intra-day markets managed by OMIE;
d)
Extrapolation of hour marginal prices of the same day formed in other European markets,
taking into consideration the historical value of spreads formed with the daily market
managed by OMIE.
Entry into Effect
th
This Notice has been registered with CMVM on December 12 , 2013 and enters into effect on
th
December 17 , 2013.
The Board of Directors
OMIP Notice 06/2006
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